Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. Bank Financed Emissions Reporting The inclusion of PCAF methodology as the baseline disclosure framework is welcomed as a pragmatic standard for the banking sector. Using the standards established by the Partnership for Carbon Accounting Financials, an industry-wide initiative (PCAF Standards), Scope 1 and 2 financed emissions of the global corporate industry loan book were calculated at 30.8 We make available many of the worlds most recognized Carbon, Climate, and Sustainability experts as advisors to our customers. Evaluated Firms And Selection Criteria But what about the banks off-balance sheet activities, such as underwriting, capital markets and advisory? Though only climate currently contributes to a companys score, this is expected to change from 2023. endobj Verdantix conducted a fact-based assessment of the maturity,, This webinar seeks to give an overview of technologies available to manage and reduce GHG emissions in the context of a net zero strategy. Summary: starting in the Netherlands in 2015, the standard became global in 2019 and provides a consistent methodology for the calculation of financed emissions by financial institutions, from banks to pension funds. Measuring the financed emissions of a portfolio is the foundation enabling financial institutions to perform scenario analysis, set targets, inform actions and disclose progress. WRI Her thesis project looked at biodiversity-friendly pest management decisions in communal gardens, which involved a collaboration with the Royal Borough of Kensington and Chelsea. 1 5C emissions pathway To that end, we developed a meth-odology to establish a 1 5C emissions reduction pathway, as well as a GHG accounting approach for absolute emissions Common measurement standards like PCAF and globally ac-cepted reporting rules and definitions are essential in the PCAF 3 GHGFinanced Emissions 3 PCAF: Partnership for Carbon Accounting Financials. utility) that has ~500 tonnesof CO2e/$ million. Ask what the bank is doing to measure off- PCAFPCAF GHG (financed emissions) Research coverage includes software application benchmarks, service provider assessments, market size and forecast models, a global survey of 400 heads of EHS and best practices studies. GHG Protocol and PCAF launched the Global GHG Accounting and Reporting Standard for the Financial Industry in January 2021 as a response to industry demand for a global, standardized approach to measure and report financed emissions. WRI and WBCSD convened a core steering group comprised of members from environmental groups (such as WWF, Pew Center on Global Climate Change, The Energy Research Institute) and industry (such as Norsk Hydro, Tokyo Electric, Shell) to guide the multi-stakeholder standard development process. Using the standards established by the Partnership for Carbon Accounting Financials, an industry-wide initiative (PCAF Standards), Scope 1 and 2 financed emissions of the global corporate industry loan book were calculated at 30.8 million tonnes of CO2 equivalent per year (MtCO2e/y) as at year-end 2021. 4 -most.co.uk info@4 most.co.uk The public consultation will be open until October 21 2022. Download the Strategic Framework for Paris Alignment(PDF, 2.1 MB), Our experience in the Netherlands is that measuring and trackingclimate impact drives concrete action and change. Greenhouse Gas Protocol provides standards, guidance, tools and training for business and government to measure and manage climate-warming emissions. The Partnership for Carbon Accounting Financials, Estimating and Reporting Avoided Emissions, GPC Supplemental Guidance for Forests and Trees, Corporate Value Chain (Scope 3) Standard Online Course, Product Life Cycle Standard Online Course, Global Covenant of Mayors Online Training, Corporate Accounting and Reporting Standard, Learn more about our work for cities and countries. Deutsche Bank is also committed to addressing industry-wide climate-related data challenges by refining data quality through several levers: reducing reliance on proxy data; improving data quality from third party providers, and incorporating more data sourced directly from individual clients. 329 financial institutions are already taking action. []PCAFhelped us understand that our nearly 800,000 residential mortgages are one of the areas that have the highest carbon impact. The bank has therefore announced it will reduce emissions from its oil and gas portfolio by 30% by 2030. How can companies and decision-makers reset for growth beyond corona virus? U.S.A. WBCSD Explore Footprint allows you to gain deep insights into your carbon footprint through a series of analysis that provides a granular view of your carbon footprint helping you make informed decarbonization decisions.See how your carbon footprint trends over time by different breakdowns like emissions intensity, scope, assets, people activities, financed emissions, A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Weblink: Ambitious corporate climate action - Science Based Targets, Sector focus: Asset Managers and Asset Owners, Signatories/ supporting organisations: 60 Asset Owners committed, 55% of NZAMI signatories use NZIF*, Geographic footprint: European, though moving global. 329 financial institutions are already taking action. Insight: as the framework does not provide a target-setting/decarbonisation calculation methodology, the robustness of investor commitments is dependent on companies establishing targets using one of the three aforementioned protocols. Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB) today disclosed for the first time data on its financed greenhouse gas emissions. Based on the proprietary Verdantix Green Quadrant methodology, our analysis encompassed two-hour live briefings, desktop research and vendor responses to a 103-point questionnaire covering 17 capability and 10 market Topic: greenhouse gas emissions accounting, Signatories/ supporting organisations: >250 signatories. Summary: Developed by the Paris Aligned Investment Initiative (PAII), a collaboration of investor networks, the NZIF aims to support investors in maximising their contribution to real-world emissions reductions. All rights reserved. Total lending* to these sectors as at year-end 2021 was 17 billion, 16% of the banks corporate industry loan book and around 3.5% of total loans. Accounting Financials (PCAF), allow banks to measure their financed emissions from on-balance sheet lending. When drafting your TCFD report, consider cross-referencing to corresponding content in other pillars to aid the reader and reduce the length of the document. stream Therefore, the total financial assets of the group of institutions in the table do not count the assets of PMT and PME, as these are already counted in the assets of MN.ASN Bank is part of de Volksbank. For any further questions, please contact us. NewYork, NY10017 Are sustainable cities a solution to climate change? GHG Protocol and PCAF launched the Global GHG Accounting and Reporting Standard for the Financial Industry in January 2021 as a response to industry demand for a global, standardized approach to measure and report financed emissions. All financial institutions have experienced great value in assessing and disclosing their GHG emissions of their loans and investments, as this triggers a institution-wide discussion on climate change and the role of the financial institution to facilitate the transition towards a low-carbon society. <> Deutsche Bank is the leading bank in Germany with strong European roots and a global network. This commitment is in addition to the bank's 2021 targets in four other carbon-intensive sectors and the decision to stop financing coal companies. PCAFPCAF GHG (financed emissions) S7^~/%V_//o.~=V0U)\Uj u!|[{.j r R^2@Uq)Ji}c@,+e5S<60H@8B g]{~*Wyl%Ny~:0[6{xcs{'ttbTH-+H|VgO{,PApQJg6/pr*0u8o.~j1.k0NhQMbAX=vB S%9!@*5X7apSf9=U^R0 Building on a 20-year partnership betweenWorld Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD), GHG Protocol works with governments, industry associations, NGOs, businesses and other organizations. endobj Her research expertise also includes manufacturing and retail industry subject matter expert, thought leadership, storytelling, emerging technology research and analysis (cloud, artificial intelligence, augmented and virtual reality, computer vision, IoT), sales enablement, competitive and SWOT analysis, market research, research operations. We deliver on this mission by conducting in-depth research on the full range of services and technologies required to succeed with net zero strategies. GHG Emissions t CO2e/$ million Illustrative example assumes allocating 5% of capital into a high emission business (e.g. 2 Already, 74 countriesaccounting for more than 80 percent of global GDP and almost 70 percent of global CO 2 emissionshave put net-zero commitments in place. The membership will give DNB access to tools and methods to enhance the Group's efforts to mitigate transition risk, improve ESG data collection, and report on climate targets. Together with large corporate partners such as BP and General Motors, in 1998 WRI published a report called, Safe Climate, Sound Business. It identified an action agenda to address climate change that included the need for standardized measurement of GHG emissions. There will speakers from the Partnership of Carbon Accounting Financials (PCAF) to introduce their methodologies to calculate financed emissions, and Science-based Targets Initiative (SBTi) to introduce target setting for financial institutions. Bain Source: GABV (2019),Climate Change Commitment, 4 March. Our ESG and sustainability research improves the decisions of investors, tech providers, financial services firms and corporate leaders. Measuring financed emissions is the starting point to manage risk and identify opportunities associated with greenhouse gas emissions. 3 And more than 3,000 companies have PCAFAvoided EmissionsCO 2 CO 2 Washington, D.C. 20002 PCAF is a global cooperation between financial institutions to harmonise the measurement of and reporting on financed emissions. have been actively collaborating to develop and implement greenhouse gas (GHG) accounting in their organizations. To the extent that you are in North America, this content is issued by Schroder Investment Management North America Inc., an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada. Explore Footprint allows you to gain deep insights into your carbon footprint through a series of analysis that provides a granular view of your carbon footprint helping you make informed decarbonization decisions.See how your carbon footprint trends over time by different breakdowns like emissions intensity, scope, assets, people activities, financed emissions, This commitment is in addition to the bank's 2021 targets in four other carbon-intensive sectors and the decision to stop financing coal companies. Signatories are accountable for the delivery of three commitments: These are underpinned by 10 objectives, ranging from the establishment of an interim 2030 target, to providing the necessary data and analytics to asset owner clients, and reporting in-line with the TCFD. OneTrust Acquires Planetly And Gains Traction Providing Carbon Management Software To A Variety of Industries *) These banks are members of the Global Alliance for Banking Values (GABV) and have committed under their3C Initiative to measure and disclose the carbon footprint of their loans and investments. 03.18.2021 | Press Release . 10 G Street NE, Suite 800 Proportion of Companies/PMI financed with more than 1,000 employees who have made a commitment regarding disability going beyond local legal requirements Medical services rendered, targeted therapies Proportion of raw materials sourced which are bio-based/renewable, recycled or have relevant eco-certifications and recyclability characteristics Read about the Global GHG Accounting & Reporting Standard for the Financial Industry, best practices, and upcoming events. For more information on what cookies we use and how they affect you, please visit our Cookie policy. Organisations are only permitted to use offsets against the final 10% of emissions in cases where they cannot be removed from operations. Targets are deemed to be science-based if they are align with what the latest climate science deems necessary to meet the goals of the Paris Agreement. Purpose: to drive the development of industry best practice around net zero through its integration into its members investment mandates. Measuring financed emissions is the starting point to manage risk and identify opportunities associated with greenhouse gas emissions. It provides sector-specific methodologies and guidance for setting science-based targets that show organisations how quickly they need to reduce their GHG emissions in order to reach net zero by 2050. The report provides guidance on how to contribute to the net-zero journey and decarbonize building portfolios using a stepwise approach. <>/Metadata 1493 0 R/ViewerPreferences 1494 0 R>> In 2016, 92% of Fortune 500 companies responding to the CDP used GHG Protocol directly or indirectly through a program based on GHG Protocol. 03.18.2021 | Press Release . Based on the proprietary Verdantix Green Quadrant methodology, our analysis encompassed two-hour live briefings, desktop research and vendor responses to a 103-point questionnaire covering 17 capability and 10 market sarah.huckins@wri.org. For all other users, this content is issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Insight: NZAMI also provides investment managers with a platform for collaborative engagement with portfolio companies. Moving Beyond Climate Disclosure and Looking into Nature Disclosure | Watch recording | The following institutions are part of the core team. Explore Footprint allows you to gain deep insights into your carbon footprint through a series of analysis that provides a granular view of your carbon footprint helping you make informed decarbonization decisions.See how your carbon footprint trends over time by different breakdowns like emissions intensity, scope, assets, people activities, financed emissions, GHG Protocol and PCAF launched the Global GHG Accounting and Reporting Standard for the Financial Industry in January 2021 as a response to industry demand for a global, standardized approach to measure and report financed emissions. For example to account for, and disclose, financed GHG (Green House Gas) emissions businesses will need to be familiar with the PCAF (Partnership for Carbon Accounting in Financials) standards and their additional requirements such as detailed knowledge of customer emissions. Assets of DKB are not counted in the total. Accounting Financials (PCAF), allow banks to measure their financed emissions from on-balance sheet lending. This group includes representatives of financial institutions, NGOs, and academic institutions, and advises SBTi on the development of their framework for financial institutions. PCAFAvoided EmissionsCO 2 CO 2 <> Purpose: to hold the highest global carbon emitters to account, and push them to take action on climate change. With that knowledge, we now promote mortgages that incentivize customers to take energy efficiency measures. Financed Emissions: Can Banks Change Before the Climate Does? We make available many of the worlds most recognized Carbon, Climate, and Sustainability experts as advisors to our customers. Read about the Global GHG Accounting & Reporting Standard for the Financial Industry, best practices, and upcoming events. This report provides a detailed fact-based comparison of the 15 most prominent carbon management software vendors in the market. The industry-led Partnership for Carbon Accounting Financials (PCAF) has issued guidance for the financial sector that refers to best practice Carbon Accounting standards based on the well-established GHG Protocol in this regard. GHG Protocol arose when WRI and WBCSD recognized the need for an international standard for corporate GHG accounting and reporting in the late 1990s. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir. FigBytes Incorporates Carbon Accounting Into Its Sustainability Platform GHG Protocol and PCAF launched the Global GHG Accounting and Reporting Standard for the Financial Industry in January 2021 as a response to industry demand for a global, standardized approach to measure and report financed emissions. Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB) today disclosed for the first time data on its financed greenhouse gas emissions. Switzerland. Originally a voluntary framework, regulators globally are using its principles as a base for the creation of their climate reporting obligations. Insight: the PCAF standard underpins the calculation methodology used in the SBTi. Salesforce Delivers A Customizable Carbon Management Software Platform For Use By A Variety Of Sectors Sweep Delivers A Modular And Flexible Carbon Management Platform 03.18.2021 | Press Release . Based on PCAF measurement for financed emissions using an attribution approach based on Enterprise Value. Registered No. SINAI Technologies Provides Decarbonization Strategies For Asset-Intensive Firms BBVA is committed to clean energy and will support the energy industry in its transition. Important Information: This communication is marketing material. World Resources Institute Purpose: to focus investors, companies, cities and governments on building a sustainable economy by measuring and acting on their environmental impact. Financed Emissions: Can Banks Change Before the Climate Does? This does not exclude any duty or liability that Schroders has to its customers under any regulatory system. PCAFAvoided EmissionsCO 2 CO 2 The first edition of the CorporateStandard, published in 2001, has been updated with additional guidance that clarifies how companies can measure emissions from electricity and other energy purchases, and account for emissions from throughout their value chains. Summary: Established in early 2019, the UN-convened alliance brings together some of the largest Asset Owners globally to promote the strategic alignment of capital to support and enable the net zero transition. Residential and commercial customer ZIP-level emissions along with consolidated emissions and an emissions intensity. It is not as prescriptive as the NZAOA in its target-setting requirements since it does not mandate a percentage reduction in portfolio emissions. 3 And more than 3,000 companies have The GHG Protocol is developing new guidance on how companies and organizations should account for greenhouse gas emissions and carbon removals from land use, land use change, bioenergy, and related topics. Sarah Huckins We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. The ability to calculate facilitated emissions will allow banks to calculate more accurate Scope 3 emission footprints and produce more transparent and detailed plans on how they aim to reach net-zero emissions by 2050. The second edition of its four-part target-setting protocol introduced the absolute emissions reductions requirements for 2025 and 2030, and aims to steer members to reach their net zero commitments through: Though currently focused on corporate targets, the protocol is going through an improvement to include sovereign debt as an asset class. 4 -most.co.uk info@4 most.co.uk As one of the first and largest investment houses to have our climate targets validated by the Science Based Targets initiative (SBTi), we have become acquainted with a number of these initiatives. The following institutions are part of the core team. As leaders prepare for COP26 1 at the end of this month, the need for addressing the looming climate crisis seems to be grasped more broadly than ever before. Oil & gas: financed emissions of 9.7 MtCO, Utilities including power generation: financed emissions of 7.7 MtCO, Steel, metals & mining: financed emissions of 3.5 MtCO, Contributing, as a founding member of the Net Zero Banking Alliance (NZBA), to NZBA working groups whose purpose is to develop consistent international standards to propel the implementation of decarbonization strategies. CARBON ACCOUNTING databases and services provide audit-quality financed Scope 3 emission data with 100% GGP and PCAF compliance. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. Download the White Paper. We are absolutely committed to building on this transparency and to supporting our clients in their transition and decarbonisation efforts. Measuring financed emissions is the starting point to manage risk and identify opportunities associated with greenhouse gas emissions. We offer online training on our standards and tools, as well as the Built on GHG Protocol review service, which recognizes sector guidance, product rules and tools that are in conformance with GHG Protocol standards. New excel-based tool from Greenhouse Gas Protocol and WRI that helps companies estimate their greenhouse gas (GHG) emissions based on the GHG Protocol. The framework focuses on 6 key areas to provide investors with a holistic approach to the integration of net zero strategy into their business models: The framework recommends three targeting methodologies, including those from the SBTi, Transition Pathway Initiative (TPI) and Climate Action 100+ (CA100+). For all other users, this content is issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. This commitment is in addition to the bank's 2021 targets in four other carbon-intensive sectors and the decision to stop financing coal companies. This release contains forward-looking statements. 16 PCAF participants volunteered to form the PCAF Core Team to co-create the Global GHG Accounting and Reporting Standard for the Financial Industry with the ultimate goal of harmonizing GHG accounting and reporting.. Based on PCAF measurement for financed emissions using an attribution approach based on Enterprise Value. To decarbonise its loan portfolio and other financing activities, Deutsche Bank will deploy different levers. Weblink: Task Force on Climate-Related Financial Disclosures | TCFD) (fsb-tcfd.org), Topic: environmental disclosure (climate, forests and water), Sector focus: sector specific (specific questions for different sectors), Signatories/ supporting organisations: 13000+ companies and 1,100+ cities, states and regions. 1 0 obj Learn more about our work for companiesand organizations. VelocityEHS Delivers Strong Data Management Capabilities For Complex Industries. 1 5C emissions pathway To that end, we developed a meth-odology to establish a 1 5C emissions reduction pathway, as well as a GHG accounting approach for absolute emissions Common measurement standards like PCAF and globally ac-cepted reporting rules and definitions are essential in the Currently, the standard covers the calculation of financed emissions across: Listed equity and corporate bonds; Business loans and unlisted equity; Project finance; Commercial real estate; Mortgages, and; Motor vehicle loans; Given the complexities, PCAF are still consulting the industry regarding the treatment of emissions from sovereign bonds.
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